Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Direct materials (7 lbs. @ $8 per lb.) 62,800 lbs. @ $8.10 per lb. Direct labor (3 hrs. @ $16 per hr.) 26,400 hrs. @ $16.60 per hr. Overhead (3 hrs. @ $11 per hr.) $298,800 Units manufactured 8,90 Actual Exercise 23-8 Standard unit cost; total cost variance LO C2 (1) Compute the standard cost per unit. Direct materials Direct labor Overhead Total $ (2) Compute the total cost variance for June. Indicate whether the cost variance is favorable or unfavorable. Total cost variance